Whale Alert, a community tracker, has recently detected significant amounts of XRP tokens leaving Binance and being transferred to undisclosed destinations. The first transaction involved the movement of 50,307,383 XRP from Binance to an XRP wallet with the initials “rarG6FaeYh.” This transaction took place on May 31, at 23:40 (UTC), just 20 minutes before the start of the new month. The total value of the XRP assets transferred was $26,081,749.
An hour later, another 50,307,376 XRP, worth over $26.08 million, left Binance for another anonymous wallet. In total, Whale Alert recorded the transfer of 100,614,759 XRP, valued at $52,125,759, from Binance to two undisclosed wallets.
Upon examining the blockchain data, it appears that there may be a connection between these unidentified XRP wallets and the well-known crypto exchange, Binance. Both wallets were activated by Binance exactly five months ago. Furthermore, the transaction history of each wallet reveals a pattern of frequent, small-scale transfers to different platforms, often occurring within minutes of each other.
It is worth noting that whale XRP movements have also been observed on other prominent trading platforms. On Thursday, Whale Alert observed transfers totaling 58,190,000 XRP from undisclosed wallets to the centralized exchanges Bitstamp and Bitso. Additionally, the renowned U.S.-based exchange Kraken transferred a staggering 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This particular transfer gained significant attention from the community, as evidenced by the 150K interactions on the Whale Alert tweet. Interestingly, these large XRP transfers coincided with a decline in XRP’s price to $0.5136 on the same day. In total, over the past two days, a significant amount of XRP, totaling 421,380,644 tokens, has been transferred across major exchanges.
In the coming hours, there is expected to be more movement of XRP, this time from the crypto payment firm Ripple. Ripple is set to release 1 billion XRP from escrow at the beginning of June. However, Whale Alert has not yet recorded this unlock. Typically, after such a release, Ripple re-escrows 800 million XRP and uses the remaining 200 million for operational expenses. This pattern was observed on May 13 and May 20 when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.